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Douse The Inferno
It appears that there is a national emergency in USA. The US economy is refusing to expand, severe unemployment at unprecedented levels is driving people crazy and foreclosures are increasing at an alarming pace. This Great Recession is taking its toll in a more serious manner than any one can imagine. It is a "towering inferno" that Obama has inherited and to douse this blaze, he has to summon the help of all the global and local knowledge to bring to the table "game-changing ideas" and for devising a robust agenda to stop further slide. The road to prosperity in USA can be cobbled up only by having a pliant strategy to trigger economic growth.
What USA needs in the short-term is an reinvigorated policy in terms of creating jobs and carving out a long-term strategy for sustained development. The local governments must have more fiscal relief to arrest the onslaught of lay-offs and there is an urgent need for a public service jobs program to cater to the local populations. Expenditure on infrastructure like roads, bridges, schools and parks has to go up so that more jobs are created. For every new hire, the governments must contemplate on a job creation tax credit.
It has to be agreed that had there been no recovery package, the scenario will be still worse. But the situation does not promise complacency. Though many options are being discussed, the administration has to devote wholesome attention towards solving this precarious situation.
President Obama must understand that no other issue is as important as the prevailing all-round unemployment. Job creation must be accorded the top most priority and it will only help in tiding over the Great Recession.